Flutter Q3 EBITDA Falls 25% as Revenue Rises to $3.87 Billion

Flutter Entertainment reported third-quarter revenue of $3.874 billion, up 2% year-on-year, while adjusted EBITDA fell 25% to $360 million.

Sportsbook revenue increased 1% to $1.780 billion, iGaming revenue rose 3% to $1.951 billion, and other revenue reached $143 million. Betting handle grew 11% to $20.594 billion, but average monthly players declined 3% to 13.669 million.

The November 4 results also included a reduction in full-year guidance, reflecting unfavourable sports results and the closure of Brazil’s regulated market. 

US Growth Delivers Limited Earnings

US revenue increased 6% to $1.455 billion, with betting handle up 13% to $12.023 billion and average monthly players rising 12% to 3.899 million.

However, US adjusted EBITDA fell 94% to $3 million. Flutter cited investment in prediction markets and its Alberta launch, alongside increased promotional spending as FanDuel strengthened its customer proposition.

FanDuel Predicts averaged 66,000 monthly players, up 39% from the second quarter. Trading volume increased 102% to $119 million, although revenue remained immaterial. Flutter expects approximately $200 million in prediction-market adjusted EBITDA losses during 2026, with investment continuing at similar or higher levels in 2027. 

International Earnings Hit by UK Taxes

International revenue was broadly unchanged at $2.419 billion, while adjusted EBITDA declined 14% to $435 million, reflecting higher UK gaming taxes.

Regional performance varied. Southern Europe and Africa revenue grew 13%, while Central and Eastern Europe increased 10%. International monthly players fell 8% to 9.770 million.

The US and International segment earnings reconcile to group adjusted EBITDA after $78 million in unallocated corporate overhead. 

Brazil Impairment Deepens Net Loss

Flutter recorded an $873 million non-cash impairment relating to Brazil, reflecting trading difficulties and the prohibition of sports betting and iGaming. The charge helped push the group’s net loss to $1.148 billion, compared with $789 million a year earlier.

The company has closed Betfair Brazil and would concentrate on Betnacional if the market reopens.

Flutter reduced its 2026 revenue guidance midpoint by $300 million to $17.61 billion and its adjusted EBITDA midpoint by $160 million to $2.495 billion. 

CEO Dan Taylor said Flutter needed to extract more value from its brands, expertise and scale through faster decisions, lower costs and disciplined investment. He plans to outline the strategy further alongside fourth-quarter results in February 2027.